Damodaran on Valuation: Security Analysis for Investment and Corporate Finance

ISBN-13: 9780471751212 / Angielski / Twarda / 2006 / 704 str.

New York University) Damod Aswath (Stern School of Business

Opis

"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do."
-- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today's critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today's valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.

Spis treści

Preface.

Chapter 1: Introduction to Valuation.

Introduction to Chapters 2–6: Discounted Cashflow Valuation.

Chapter 2: Estimating Discount Rates.

Chapter 3: Measuring Cash Flows.

Chapter 4: Forecasting Cash Flows.

Chapter 5: Equity Discounted Cash Flow Models.

Chapter 6: Firm Valuation Models.

Introduction to Chapters 7–9: Relative Valuation.

Chapter 7: Relative Valuation: First Principles.

Chapter 8: Equity Multiples.

Chapter 9: Value Multiples.

Introduction to Chapters 10–17: Loose Ends in Valuation.

Chapter 10: Cash, Cross Holdings and Other Assets.

Chapter 11: Employee Equity Options and Compensation.

Chapter 12: The Value of Intangibles.

Chapter 13: The Value of Control.

Chapter 14: The Value of Liquidity.

Chapter 15: The Value of Synergy.

Chapter 16: The Value of Transparency.

Chapter 17: The Cost of Distress.

Chapter 18: Closing Thoughts.

Index.

O autorze

ASWATH DAMODARAN is Professor of Finance at New York University′s Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including New York University′s Distinguished Teaching Award. He has also been named one of the nation′s top business school teachers by BusinessWeek. Damodaran conducts training courses in corporate finance and valuation at many leading investment banks. He is the author of numerous leading finance books, including the first edition of Damodaran on Valuation, Investment Valuation, Corporate Finance, Investment Management, Investment Philosophies, and Applied Corporate Finance, all published by Wiley.

Blurb

Praise for Damodaran on Valuation

SECOND EDITION

"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do."
Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places

"Damodaran on Valuation is a marvel. The combination of expositional simplicity and conceptual rigor in this book is a rarity in the field of finance; rarer still is the clarity of ideas that simultaneously informs and delights. I do not believe that one can claim to be a serious practitioner or, for that matter, teacher of business valuation without mastering the ideas presented in this definitive piece of work."
Professor Anant K. Sundaram, Faculty Director of Executive Education, Tuck School of Business at Dartmouth College

"Professor Damodaran does an excellent job of incorporating public and private company valuation issues in one volume. It′s full of ′how tos′ in dealing with difficult technical issues not usually addressed in text books, making it a great discussion tool and resource for both the student and the valuation professional. This is a great addition to any valuation library or training program."
Scott A. Nammacher, CFA, ASA, Managing Director, Empire Valuation Consultants, LLC

In today′s no–room–for–error business environment, the ability to accurately value a company′s assets both tangible and intangible is essential for a wide variety of professionals, whether they are inside or outside that company. Damodaran on Valuation looks at valuation from the viewpoint of both the internal corporate strategist and the external portfolio manager, addressing issues related to models and techniques for valuing a business and, just as important, explaining their application in either the operation or acquisition of that business.

Damodaran on Valuation explores all aspects of valuation, from the fundamentals of estimating cash flows and discount rates to the principles underlying the use of multiples. In addition, the book addresses what are often left as loose ends in valuation the value of control and synergy; how best to deal with cash, non–operating assets, and employee stock options when valuing a company; and the consequences of illiquidity, distress, and lack of transparency for asset value.

Whether you are a manager looking to maximize a company′s value or an investor looking to beat the market, Damodaran on Valuation will give you the detailed, logical, and sensible answers you need to arrive at an accurate valuation.